Houzz does an annual survey of its members about their home remodeling and renovations. According to Houzz 2017 Home Survey, home remodeling spending increased in 2016, and that is good news. Of the 107,000 surveyed, over half did a remodeling project in the past year. Of those who did not, over half reported they intended to remodel in 2017. Repeat home buyers and those between the ages of 35-55 spent an average of $53,300 to $75,000 customizing an average of 3.7 rooms and upgrading 3 systems (plumbing, electrical, home automation) in their home. Long-term owners (6+ years) and those over 55 years old spent an average of $61,500 to $73,000 for their renovations on an average of 2.5 rooms and upgrading 2 systems in their home. About 15% of the projects included an addition to the room being remodeled. We imagine a small percentage of homeowners also installed exterior items like patios, conservatories and oak porches to their homes to increase the market value. This is also the case for decking, especially composite decking, that can increase a home’s value. You can find such decking at https://www.dinodecking.co.uk/category/composite-decking-boards/ for those interested in adding to their homes market value.
The main reason given that triggered their recent home remodeling for the majority of the respondents (37%) was they reported the time was right. Those buying their next home wanted to customize it, and those long-term owners cited finding damage as making the time right for a home remodeling project. Thirty-six percent reported they had waited until they had the finances to do their renovation, including work to figure out dumpster sizes needed to remove the old interior fixtures from the property and covering the other expenses involved, e.g. hired labor.
Kitchens, bathrooms and living room remodeling are the top rooms for the home remodeling projects. In addition to interior remodeling, 53% included outdoor renovation projects such as patios and conservatories with some homeowners using companies similar to majestic designs ltd for remodeling and extension. Close to 90% reported that improving the design in the home is the top priority (89%), followed by improving the functionality (84%). Sixty-four percent wanted to improve energy efficiency, and half of them wanted “green products” integrated in the project. One surprising answer is 52% of first-time home buyers had the priority of addressing health concerns when remodeling, whereas only 37% of long-term owners had that as a priority (maybe because they had previously addressed them?). One increasing priority is having a smart tech home (28-35%).
The greatest challenge the homeowners reported with their home remodeling projects is making the appropriate selections to keep within budget. It was easy to choose products that raised the cost of the project beyond their budget goal. A professional designer can help with selections and strategies on where to save and where to spend to get the desired look and experience.
Over 94% of repeat homeowners hired a professional for their home remodeling project. The majority (90%) of homeowners used savings to pay for their project. Those who secured loans, 86% of them used home equity to finance their project. They wanted to experience greater enjoyment of their home sooner, than later.
Happy Home Remodeling! and Happy Father’s Day!
Janet B. Cook, CAPS, President of Cook Remodeling (celebrating their 38th year), invites you to visit their blog on cookremodeling.com for photos and more detailed information on these award winning green products.